Wolves owner, publisher seek Star Tribune stake
Two prominent Minnesota businessmen are seeking to become minority owners of the Star Tribune.
Minnesota Timberwolves owner Glen Taylor and Minneapolis publisher Vance Opperman have made a bid to acquire 25 percent to 35 percent of the Minneapolis newspaper's equity. The offer is valued at $6.25 million to $8.75 million.
The bid values the paper as a whole at $125 million. The newspaper company emerged from bankruptcy in September and is now owned by its main lenders.
Both men say the Star Tribune is a local asset that should have strong community ownership. But they say their offer is not a charitable contribution and their goal is that the paper be profitable.
Star Tribune board chairman Mike Sweeney says he is "delighted" by Taylor and Opperman's interest.
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